Friday, January 16, 2009

[MISP] In the News

Several of Gov. Bill Richardson's pet projects are on the chopping block as the Legislature considers eliminating capital improvement projects to deal with a $450 million budget deficit.

Other potential cuts:

Nearly $17 million for film and media production facilities and training. Some of the money is for a proposed film studio in the Santa Fe area and some for a film and digital media center at The University of New Mexico. Wooing film projects to New Mexico has been a top priority for Richardson.

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Despite fierce opposition from high-profile members, the ScreenActorsGuild is still expected to send out ballots for a controversial strike vote on or after Jan. 14. Two factions have quickly emerged: A-listers like George Clooney and Tom Hanks (producers & actors) are urging members to sign a Vote No petition, while celebs like Mel Gibson and Holly Hunter are urging colleagues to walk off the job if need be. (Seventy-five percent of current members must authorize a strike before the national board can actually call for one to take place.) SAG and the studio conglomerates remain at odds over DVD residuals and compensation for new-media extras like TV webisodes. Entertainment Weekly - Friday, January 16, 2009

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Some think that the ongoing recession could "force Hollywood to fundamentally change the way it does business," reports the Los Angeles Times. Studios and production companies are already cutting back on their lavish ways in an attempt to save as much money as possible. It's not just that TV-ad revenue is down or that DVD sales have been on a downward spiral, but the credit crunch has also made it more difficult to obtain financing for expensive projects. As consumers continue to cut back on their spending as a result of the bad economy, some think studios will be forced to step up efforts to distribute their content via the Internet and other new outlets such as cell phones. "The recession will accelerate the transformation of the entertainment industry from traditional media to tomorrow's reality of new media," an economist said.

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